17th June, 2022
Yesterday, it was announced that the Bank of England has raised interest rates by 1.25%, meaning we could see an 11% rise in inflation by autumn. The cost of living crisis - including rising food costs and energy bills, is putting a strain on everyone’s pockets. We understand that times are difficult at the moment, so we thought we’d share some insightful sources with you
Given the current climate, you should know that there are sources out there to guide you. A popular ‘go-to’ at the moment is Money Saving Expert.
The MSE forum encourages readers to start thinking about how they can organise their lifestyles to spend less and save money, by sharing a host of tips and challenges to ‘tackle debts, generate extra income or squirrel away some savings’.
Make at least £2,022 challenge: around 50 contributors to the forum have pledged to make at least £2,022 during 2022 in a challenge which involves selling unwanted items on eBay, completing surveys and switching banks, to earning cashback and boosting rewards from loyalty cards.
The monthly grocery challenge: this one begins by collecting all your monthly receipts to find out how much you’re currently spending on food. The idea is that you shave off a few pounds from your bill each month and watch the savings stack up without feeling they’re missing out on anything.
The Saving for Christmas 2022 challenge: sees contributors to the MSE forum pledge to setting at least £1 aside each day to amass a festive fund by December.
Frugal Living Challenge: members of the forum have also been taking part in a Frugal Living Challenge for the last 15 years which shares ideas on ‘more traditional methods of moneysaving, debt-busting and budgeting’ – based on the old adage: ‘a penny saved is a penny earned and each is as important as the other.’
“Your budget is personal to you, it should fit with your personal financial situation,” an MSE writer says.
“Some have already achieved debt freedom and now follow frugal lifestyles for the love of it.
“Others are still tackling debts and frugal living in an attempt to reach their debt-free and/or mortgage-free day.
“Whichever stage you are at, feel free to join us and share your progress.”
You can find out more by clicking here.
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* Please note that the above information has been gathered through secondary research. The information provided is not based on our opinion. You should seek further guidance and information before making an informed decision.